Kodi CDO ndi chiyani
Ma CDO oyamba adamangidwa mu 1987 ndi banki yakale ya Drexel Burnham Lambert, pomwe Michael Milken, yemwe adatchedwa "mfumu ya zomangira zopanda pake," adalamulira. Mabanki a Drexel adapanga ma CDO oyambawa pophatikiza ma bond osafunikira omwe amaperekedwa ndi makampani osiyanasiyana. Ma CDO amatchedwa "chokolezerana" chifukwa kubwezeredwa kolonjezedwa kwa katundu wapansi ndi chikole chomwe chimapereka mtengo wa CDO.
M'kupita kwa nthawi, makampani ena achitetezo anayambitsa ma CDO okhala ndi katundu wina yemwe anali ndi njira zodziwikiratu zopezera ndalama, monga ngongole zamagalimoto, ngongole za ophunzira, zolandila zama kirediti kadi, ndi zobwereketsa ndege. Komabe, ma CDO adakhalabe chinthu chamtengo wapatali mpaka 2003-04, pamene kuwonjezereka kwa nyumba za US kumapangitsa kuti opereka CDO ayang'ane kwambiri zachitetezo chokhazikika cha subprime monga gwero latsopano lachikole cha ma CDO.
Kutchuka kwa ngongole za ngongole kunakula kwambiri, ndipo malonda a CDO adawonjezeka pafupifupi kakhumi, kukwera kuchoka pa $ 30.000 biliyoni mu 2003 kufika pa $ 225.000 biliyoni mu 2006. mu subprime mortgage meltdown, yomwe inayamba mu 2007 ndipo inafika pachimake mu 2009. Kuphulika kwa bubble ya CDO kunawononga madola zikwi mazana ambiri ku mabungwe akuluakulu azachuma. Kuwonongeka kumeneku kunapangitsa mabanki oyika ndalama kuti alephere kapena kulandidwa kudzera mukuchitapo kanthu kwa boma ndipo zathandizira kuti mavuto azachuma padziko lonse achuluke, Great Recession, panthawiyi.
Kodi ma cdo akadali ovomerezeka?
Ma CDO oyamba adamangidwa mu 1987 ndi banki yakale ya Drexel Burnham Lambert, pomwe Michael Milken, yemwe adatchedwa "mfumu ya zomangira zopanda pake," adalamulira. Mabanki a Drexel adapanga ma CDO oyambawa pophatikiza ma bond osafunikira omwe amaperekedwa ndi makampani osiyanasiyana. Ma CDO amatchedwa "chokolezerana" chifukwa kubwezeredwa kolonjezedwa kwa katundu wapansi ndi chikole chomwe chimapereka mtengo wa CDO.
M'kupita kwa nthawi, makampani ena achitetezo anayambitsa ma CDO okhala ndi katundu wina yemwe anali ndi njira zodziwikiratu zopezera ndalama, monga ngongole zamagalimoto, ngongole za ophunzira, zolandila zama kirediti kadi, ndi zobwereketsa ndege. Komabe, ma CDO adakhalabe chinthu chamtengo wapatali mpaka 2003-04, pamene kuwonjezereka kwa nyumba za US kumapangitsa kuti opereka CDO ayang'ane kwambiri zachitetezo chokhazikika cha subprime monga gwero latsopano lachikole cha ma CDO.
Kutchuka kwa ngongole za ngongole kunakula kwambiri, ndipo malonda a CDO adawonjezeka pafupifupi kakhumi, kukwera kuchoka pa $ 30.000 biliyoni mu 2003 kufika pa $ 225.000 biliyoni mu 2006. mu subprime mortgage meltdown, yomwe inayamba mu 2007 ndipo inafika pachimake mu 2009. Kuphulika kwa bubble ya CDO kunawononga madola zikwi mazana ambiri ku mabungwe akuluakulu azachuma. Kuwonongeka kumeneku kunapangitsa mabanki oyika ndalama kuti alephere kapena kulandidwa kudzera mukuchitapo kanthu kwa boma ndipo zathandizira kuti mavuto azachuma padziko lonse achuluke, Great Recession, panthawiyi.
Ngongole Yogwirizana
Ma Collateralized Dengole Obligations (CDOs) ndi mtundu wazinthu zachuma zomwe zimakhala ndi zinthu zosiyanasiyana komanso zobwereketsa. Mabanki osungitsa ndalama amasonkhanitsa ngongole zamabanki, zobwereketsa ndi zinthu zina kukhala ngongole zangongole - zofanana ndi ndalama - kuti osunga ndalama azigula.
Cholinga chopanga ma CDO ndikugwiritsa ntchito kubweza ngongole - zomwe zimaperekedwa kumabanki - ngati chikole pazachuma. Mwanjira ina, kubwezeredwa kolonjezedwa kwa ngongole ndi ma bond kumapatsa ma CDO kufunika kwake.
Chifukwa chake, ma CDO ndizinthu zopangira ndalama kwa omwe amagulitsa ndalama. Ngakhale ma CDO nthawi zambiri amalumikizidwa ndi msika wanyumba, amatha kuphatikiza mitundu yosiyanasiyana yandalama ndi ngongole, monga ngongole zanyumba, ma bond amakampani, mizere yangongole, ngongole zamagalimoto, ndi kulipira kirediti kadi. Zinthu zonse zangongolezi zimapakidwanso ndikuziika m'magulu kutengera chiwopsezo cha osunga ndalama pogula CDO.
Ngati ngongole za CDO ndi ngongole zanyumba, malondawo amatchedwa chitetezo chothandizira nyumba (MBS). Ngati ngongole za CDO zobwereketsa zinapangidwa kwa obwereka omwe ali ndi ngongole yocheperako kapena yopanda mbiri ya ngongole, amatchedwa subprime mortgages. Ngakhale kuti mawu akuti "subprime" nthawi zambiri amatanthauza ngongole zanyumba, zinthu zina za ngongole zili ndi magulu a subprime, monga ngongole za galimoto, mizere ya ngongole, ndi makhadi a ngongole omwe ali pachiopsezo chachikulu.
Chikole cha ngongole yanyumba
Panthawiyi, mabanki anayamba kutenga chiopsezo chachikulu pamene anayamba kugwiritsira ntchito ngongole za subprime. Mabanki anali kumangiriza ndalama zochulukirapo ku ngongole izi, kusungitsa chitetezo kunalola mabanki kumasula zinthuzi poziphatikiza ndikuzigulitsa. Ngati tiyang'ana kuchuluka kwa ndalama zomwe zakhala zikugwiritsidwa ntchito muzotetezedwa izi, mu 2005 ndi 2006, $ 1,2 triliyoni inayikidwa mu ngongole za subprime, ndipo 80% ya $ 1,2 triliyoni inayikidwa mu securitizations. Chida chandalama, mtundu wachitetezo chotchedwa Collateralized Debt Obligation, ndiye chidagwiritsidwa ntchito kugulitsa zida zazikulu zapoizonizi ngati ndalama zotheka, zotetezeka.
